Blog

Dave Canal
November 22, 2017

It was roughly 27 years ago when I became convinced that the brokerage industry business model was irrevocably broken.  It was too conflicted.  Customers were taken advantage of by hidden commissions.  However, it continued right up to the moment two Bear Sterns managers couldn’t sell bonds they held in a hedge fund.   It started the debt...

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Dave Canal
October 16, 2017

The world of active investment management was dramatically and negatively impacted on March 6, 2006.   On that day, the New York Stock Exchange became a for-profit organization.   The impact of the event would be disruptive to active management for years, yet the impending impact was missed by everybody.   After all, who would...

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Dave Canal
September 15, 2017

The other day I pressed the Uber app on my cell phone for the first time.  As it opened, I became fascinated by its simplicity.  It showed me where the car was, how long it would take – six minutes – and the name of the driver as well as the type of car.  It also showed what the total cost would be.   Its simplicity was elegant.   Such elegance...

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Dave Canal
July 21, 2017

Imagine that you could make millions in the stock market with little risk, yet know nothing about stocks.  You don’t even have to care about the direction of the market.   That doesn’t matter because you hold stocks for just a nanosecond.   A fact that makes it irrelevant whether the market is going up or down.   Sound perfect?  It is.  You’re...

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So long as predictions remain popular, and are so numerous as they are today – and so long as they receive notoriety through repetition in the press and on the radio – contrary opinions will increase in importance as thinking aids. “

– Humphrey Neil